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A flood of “condemned circle copies” is about to hit the stock market and investors should treat them as “hot potatoes,” said Bitmex co-founder Arthur Hayes.
In a blog article on June 16, Hayes says that the beginnings of blockbuster from New York Stok Exchange launched a new gold rush. He predicts that a wave of Stablecoin startups will now try to imitate the USDC transmitter by making public, adding that most will fail spectacularly.
“The stable coach of this cycle has started,” said Hayes. “The bubble will appear after the launch of a stable transmitter on a public market, most likely in the United States, which separates fools from tens of billions of capital using a combination of financial engineering, lever and incredible staging.”
Despite the call for the “incredibly overvalued” circle assessment, Hayes said that the copy lists could initially skyrocket, just like the 168% circle rally. But without distribution deals with exchanges, banks or social platforms, he says: “These companies have no chance of success.”
Due to their initial success, “tNew actions will ride the faces of shorts, “he added.
Exchange “circle copies” like “a hot potato,” says Arthur Hayes
Hayes predicted a wave of announcements of what he called: “Circle Copycats “, which will all try to reproduce the success of the IPO of the USDC issuer.” Exchange this sh * t as you would for a hot potato, “he said.
The NYSE welcomes @circle To celebrate its IPO! For more than a decade, Circle connected traditional finances and digital assets, seeking to create a secure digital economy and always on. $ CRCL@jerallaire pic.twitter.com/ynhl34puz7
– NYSE 🏛 (@NYSE) June 5, 2025
His remarks follow the successful public beginnings of Circle on the New York Stock Exchange (NYSE) on June 5, which saw the actions of the company rising to 168%.
Hayes said that Circle’s action “will probably continue to levitate” in the midst of progress in pro-Crypto and Stablecoin legislation in the United States. It was then that the American Senate was preparing to vote on the key legislation of the stablescoin later in the day, which could inject additional momentum on the Stablescoin market.
New companies in the stable co -mania have a strong chance of success
According to Hayes, all the new companies that seek to capitalize on the stable coach must create solid distribution channels in order to succeed. He underlined the exchanges of crypto, the giants of the social media Web2 and the banks inherited as viable distribution options.
Without these channels, Hayes says that the new stablecoin issuers have “no chance of success”.
He said that key distribution channels have already been locked up by existing players, making more difficult for new businesses to succeed on the market.
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